Housing values continue to rise in Manatee County. Just how high will they go?

Continuing to put pressure on the local housing market, a short supply of single-family homes across Manatee County is driving median prices closer to levels not seen since the Great Recession.

According to data released Monday by the Realtor Association of Sarasota and Manatee, the median sales price for an existing single-family home in June in Manatee County was $300,000, a year-over-year increase of nearly 1 percent.

It’s the fifth time in six months in 2018 that the county’s median was at least $300,000.

Moreover, it’s the seventh time in the past 12 months that Manatee County’s monthly median sales price was at least $300,000. Before reaching that mark in July 2017, it hadn’t done so since December 2007, according to RASM data.

“We’ve consistently seen low inventory levels and rising prices over the last few months,” Greg Owens, the 2018 RASM president, said in a news release.

The dearth of homes in and around Bradenton is part of a nationwide shortage of houses for sale, particularly in metro areas.

There was a 4.1-month supply of existing single-family homes for sale in June in both Manatee and Sarasota counties, meaning that’s about how long it would take to sell all of the properties if no others came up for sale. A 5.5-month supply is considered the ideal balance between buyers and sellers in the Manatee-Sarasota region.

Like in Manatee County, single-family home values also increased in Sarasota County, with median prices jumping 1.6 percent year-over-year to $279,500 last month.

Statewide, the median sales price for an existing single-family home in June was $260,000, up 6.1 percent from the previous year and marking the 78th consecutive month that it increased across Florida.

“Florida is still experiencing a shortfall in for-sale homes in many local housing markets and that continues to put upward pressure on median prices,” 2018 Florida Realtors president Christine Hansen said.

Nationally, the median sales price in June increased 5.2 percent from a year ago to $276,900.

The number of single-family home sales increased in both Manatee (up 4.8 percent to 637) and Sarasota (up 1.7 percent to 798).

As for the local condo-townhouse market, year-over-year prices increased in both counties, surging 4.9 percent to $191,500 in Manatee County and 2.7 percent to $221,250 in Sarasota County.